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Cytec Industries Inc. announced the completion of its acquisition of Umeco Plc, an international provider of advanced composite and process materials. The $439 million acquisition supports Cytec's growth strategy to expand the Company's presence in the industrial sector and to strengthen its technology leadership in advanced composites.
"We are excited about the completion of this transaction and welcome Umeco employees to the global Cytec team," said Shane Fleming, Chairman, President and Chief Executive Officer of Cytec. "We are confident the acquisition strengthens our position as a leading manufacturer of advanced composite materials and offers significant opportunities for growth and value creation. We are all committed to a successful integration of our businesses."
The transaction is expected to be immediately accretive to Cytec's earnings per share with the EPS accretion for the remainder of 2012 estimated to be $0.20 per share. The acquired business will initially be reported as a separate segment. Cytec expects that commencing January 1, 2013 its Engineered Materials segment and the Umeco segment will be reformed into two new segments, one for aerospace and the second for industrial materials.
The closing follows the receipt of all necessary regulatory and other approvals, including the approval of Umeco stockholders.
Cytec's vision is to deliver specialty chemical and material technologies beyond our customers' imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics.
More information: www.cytec.com